PRICES

more were behind him, he thought. en it happened. Laney was made an o er, a 1,275-square-foot detached home near Ketring Park in central Littleton valued at $285,000, roughly a third of what similar properties sold for.

“I can’t even express how happy I was,” Laney said. “I’ve been living and serving this community for 10 years and I want to live here.”

Still, the program has some drawbacks compared to traditional homeownership. Laney cannot build as much equity as many of his neighbors because he does not own the property the home sits on. Instead, it is owned by something called a land trust — a collection of entities.

“ e beauty of the land trust is it removes the cost of the land from the equation from the cost of the home,” said Kate Hilberg, director of real estate development for Habitat for Humanity. “It allows the homeowners to pay on that mortgage for that home and improvements to that home but not the land.”

Land trusts are crucial tools organizations like Habitat use to lock in the a ordability of homes even as property values rise elsewhere. e owners of these units will see some equity from their homes, Hilberg said, about 2% each year. But it won’t be enough to match the likes of homeowners who have used their growing property values to build decades of generational wealth.

“A lot of families use this as a starter home option and they do gain enough equity and stability to turn that into a down payment on a home in the open market,” Hilberg said of homes under land trusts.

But fathoming a concept like equity is a luxury for those who still can’t buy a house on the market, Laney said.

While he’s thankful for what Habitat did for him, he fears the few dozen homes it manages in Littleton can only go so far to meet the demand of hundreds, if not thousands, of residents who have struggled as he has.

“ ere isn’t enough income-based housing for people … the people who live and work in this community can’t a ord a house,” Laney said. “We can’t all win the lottery.”

Colorado Community Reporters Andrew Fraieli, Steve Smith, Tayler Shaw and Ellis Arnold contributed reporting to this story.